“Are You Breaking the Money Rules? Discover the 19 Lies That Could Be Costing You a Fortune!”
2. Investing is for the Wealthy
This huge misconception should be outright debunked for future generations. It holds people from increasing their wealth in a much more efficient way. In reality, anyone can start investing, irrespective of their income level. A report from Vanguard supports the notion that investing is not limited to the wealthy, but everyone should start investing early to accumulate more money for their financial goals.
3. Keep One Credit Card
This rule suggests that keeping more than one credit card will lead you to financial trouble. It can be true, but only if managed irresponsibly. Credit card companies offer sign-up bonuses, different reward programs, cashback, and other benefits according to your spending. Plus, having multiple credit cards can boost your overall credit scores if the payments are made on time and utilization is kept low.
4. Buying in Bulk Saves Money
Buying in bulk costs you the lowest price per unit. While bulk purchasing can be cost-saving, it can also have hidden fees for storing the excess items or dealing with product spoilage if they are not used before expiration or you didn’t need them in the first place.
5. Renting is Bad
If you think renting is like throwing away money, you should stop now. Owning a house comes with not only upfront costs of a down payment but also additional costs of property taxes, maintenance, and repairs, which snatches the charm of homeownership from you. On the other hand, renting saves you from these costs and allows you to save money until you can afford your own house when the time is right.
